Non-Destructive Testing (NDT) Market To Grow USD 2741.8 Million by 2028 at a CAGR of 5.2%| Valuates Reports
BANGALORE, India, Sept. 26, 2022 /PRNewswire/ -- Non-Destructive Testing (NDT) Market is Segmented By Type (Ultrasonic, Radiography, Liquid Penetrant, Magnetic), By Application (Oil & Gas, Aerospace & Defense, Automotive, Infra) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Electronics & Electrical Category.
Non-Destructive Testing (NDT) Market size is projected to reach USD 2741.8 million by 2028, from USD 1915.2 million in 2021, at a CAGR of 5.2% during 2022-2028.
Major Factors Driving the Growth of Non-Destructive Testing (NDT) Market
Due to the rising need to upgrade the existing aging infrastructure and the rising need for new infrastructures, the Non-Destructive Testing (NDT) market is expanding.
During the forecast period, the non-destructive testing (NDT) market is expected to grow because of the increase in manufacturing operations in both developing and developed countries. Modern NDT techniques with enhanced fault identification and safety have been developed as a result of technological advancements. In the upcoming years, it is anticipated that further adoption of NDT techniques would result from manufacturers being more aware of their applications.
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TRENDS INFLUENCING THE GROWTH OF THE NDT MARKET
Pipelines must be properly maintained and upheld, and the oil and gas business is responsible for doing so. This sector is subject to a number of industry-specific rules, laws, and regulations. NDT is essential for the integrity of equipment and the security of petroleum extraction and refining processes in the oil and gas industry. Using ultrasonic and eddy current NDT testing technologies, welds and metals must be carefully inspected for faults and corrosion in order to keep potentially dangerous chemicals and fluids properly confined within pipes and pressure vessels. NDT is used in many different areas of the oil and gas sector. Successful ultrasonic and eddy current oil and gas upstream solutions are required to operate a petroleum extraction operation that is safe, effective, and profitable, whether it is on land or offshore. This factor is expected to drive the Non-Destructive Testing (NDT) market growth.
The growing need for NDT in Aerospace is expected to drive the growth of the Non-Destructive Testing (NDT) market. Catastrophic failures can result from the construction of aerospace components with defects and inconsistencies. This puts a huge deal of money and the operators' health and lives in danger. Through every stage of production, materials, parts, and components must be examined for safety and dependability by utilizing a wide range of inspections. Non-destructive testing (NDT) is a crucial part of attempts to reduce the risk of potentially disastrous failures in the aerospace sector.
Nondestructive testing technology is a crucial tool in the automotive sector for enhancing the quality control of vehicles. This in turn is expected to drive the Non-Destructive Testing (NDT) market. The technology is now being used in a number of automotive industries, including manufacturing, R&D, maintenance, etc. Modern automotive production innovations necessitate the use of new or modified nondestructive inspection techniques. This applies to both the car's actual body and all of its mounted parts.
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NDT MARKET SHARE ANALYSIS:
The ultrasonic testing sector is anticipated to experience the fastest CAGR growth. The dominance is a result of the growing use of UT techniques for composites and pipeline corrosion, mapping applications, weld inspection, and general pipe screening coverage.
With a revenue share above 36.0% in 2021, North America became the dominant region. This is credited to the widespread use of NDT techniques, the accessibility of a qualified workforce, and the abundance of non-destructive testing training facilities in the area.
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Key Companies:
- Olympus
- MISTRAS
- INTERTEK
- SGS
- GE MEASUREMENT & CONTROL
- NIKON METROLOGY
- ASHTEAD TECHNOLOGY
- SONATEST
- BOSELLO HIGH TECHNOLOGY
- Fujinon
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SIMILAR REPORTS:
- X-ray Non-destructive Testing Equipment market size is estimated to be worth USD 1418 million in 2021 and is forecast to a readjusted size of USD 1418 million by 2028 with a CAGR of 6.2% during the review period.
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